S&P 500 to add MetroPCS, drop Tyco Electronics

NEW YORK, June 22 (Reuters) - Standard & Poor's said on Monday wireless communications company MetroPCS Communications Inc (PCS.N) will replace Tyco Electronics Ltd (TEL.N) in its flagship S&P 500 stock index .SPX.

Tyco Electronics is leaving the index after the close of trading on June 25 because it is reincorporating in Switzerland, making it ineligible for inclusion, S&P said. MetroPCS will join the index after the close of trading on June 29, S&P said.

Shares of companies joining the S&P 500 often rise because many portfolio managers try to track the index, and must buy shares of companies that enter it.

MetroPCS shares rose 80 cents to $14.42 after hours within minutes of the S&P announcement, after falling 24 cents to $13.62 in regular trading. The company is based in Richardson, Texas. (Reporting by Jonathan Stempel)